Conventional

A conventional mortgage loan is a conforming mortgage that is eligible for purchase by Fannie Mae (FNMA) or Freddie Mac (FHLMC). Fannie Mae and Freddie Mac are Government Sponsored Enterprises (GSEs), whose sole purpose is to provide affordable lending and liquidity to the mortgage market. Conventional Mortgages are not insured or guaranteed by the federal government.

GSEs only buy loans such as fixed-rate and ARM mortgages that “conform” to their established loan guidelines. In general, the credit, income, down payment and loan amounts of these conforming loans comply with certain pre-determined standards.

Conventional Mortgage Requirements

Loans must meet current conforming loan limits

Borrowers must meet minimum credit score requirements

Borrowers must meet debt and income guidelines

Mortgage Insurance (MI) is typically required on any loan with a loan to value greater than 80%

Choosing the Right Mortgage Loan Program

We can't emphasize enough how important it is to work with a knowledgeable Mortgage Professional. Every homebuyer needs an industry pro that understands the many loan programs available, and is able to determine which loan is appropriate for a particular borrower.

We realize there are many different types of borrowers who seek affordable home financing, and we understand that our job is to locate affordable financing that works for you.

NOTICE: This is not a commitment to lend or extend credit. Restrictions may apply. Information and/or data is subject to change without notice. All loans are subject to credit approval. Not all loans or products are available in all states.

Third‑party web sites may have privacy and security policies different from Wallick & Volk. Links to other web sites do not imply the endorsement or approval of such web sites. Please review the privacy and security policies of web sites reached through links from Wallick & Volk web sites.